TIAA Bank Bump Rate CD Review

TIAA Bank Bump Rate CD is offered by TIAA Bank, a bank founded in 1918 and based in New York, NY. TIAA Bank Bump Rate CD is available in 50 states (and Washington, DC).

• Only one CD account type available. TIAA Bump Rate CD only offers bump up CD accounts.
• Very high APY. This account offers an annual percentage yield of up to 0.70%, which is much higher than the national average for a CD account.
• $1,500 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
• Limited selection of CD terms. TIAA Bump Rate CD only offers one CD terms. This limits your options when trying to set up a CD ladder.

Are cd accounts from TIAA Bank federally insured?

Yes, your TIAA Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does TIAA Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What CD rates does TIAA Bank offer on its CDs?

The CD rates for this account have an APY of0.70% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with TIAA Bank?

TIAA Bump Rate CD requires a minimum deposit of $1,500 to open an account.

What is the grace period for TIAA Bump Rate CD?

There is a 10-day grace period for TIAA Bump Rate CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does TIAA Bump Rate CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

TIAA Bank does not charge an early withdrawal fee.